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QuotedData’s morning briefing 25 March 2022

In QuotedData’s morning briefing 25 March 2022:

  • Strategic Equity Capital (SEC) has published its interim results for the six months ended 31 December 2021. During the period, SEC’s NAV per share (on a total return basis) increased by 1.9%, while its Small Cap (ex Investment Trusts) Total Return benchmark, which is used for comparison purposes only, increased by 2.1%. Over the same period, SEC’s share price increased by 2.5% on a total return basis. SEC’s chairman, Richard Hills, comments that market conditions normalised somewhat during the period; a contrast to the exceptional market rebound, driven largely by more cyclical sectors, experienced over the latter parts of 2020 and early 2021. He says that performance has remained robust into 2022 with SEC’s NAV per share (on a total return basis) down 6.4% in the two months ended 28 February 2022; ahead of its benchmark which decreased 7.1% over the same period. Having passed its annual continuation vote comfortably in November, SEC’s board received an unsolicited approach from the Board of Odyssean Investment Trust (OIT) proposing a merger with SEC. SEC’s chairman says that, after thorough consideration of the proposals with SEC’s advisers and detailed discussions with some of its largest shareholders, SEC’s Board decided to back a counter-proposal developed in conjunction with SEC’s current manager and to continue to support Ken Wotton (SEC’s lead portfolio manager) and the Gresham House Strategic Equity team. [QD comment: QuotedData published a new note on SEC yesterday – click here to read it – which looks at the board’s counter proposals, which shareholders subsequently approved. These are designed to drive a narrowing of SEC’s discount to a more appropriate level.]
  • VinaCapital Vietnam Opportunity (VOF) has published its interim results for the six months ended 31 December 2021. During the period, it provided NAV and share price total returns of 6.9% and 6.3% in US dollar terms.
  • SDCL Energy Efficiency Income (SEIT) has announced the results of its placing, which has raised £100m. A total of 86,956,522 new ordinary shares are to be issued at a price of 115 pence per share. As demand from investors exceeded the maximum placing size, a scaling back exercise was undertaken. It is expected that trading in the new ordinary shares will commence at 8.00 a.m. on 29 March 2022.
  • The Renewables Infrastructure Group (TRIG) has announced that it has raised £277.3m through its placing and PrimaryBid offer. TRIG says that there was strong institutional and retail demand for the Issue, at a range of prices, and applications have been scaled back at the strike price of 132p. 210,104,535 new ordinary shares are to be issued in total (206,156,691 in relation to the placing and 3,947,844 in relation to the PrimaryBid Offer), this being the maximum available under TRIG’s general authority to disapply pre-emption rights taken at the last AGM. The net proceeds of the Issue will be applied towards funding the acquisition of a 7.8% equity interest in the Hornsea One offshore wind farm in the UK, completion of which is expected in the coming weeks, and repaying amounts drawn under the Company’s revolving credit facility.

We also have Aquila European Renewables Income’s acquisition of a solar project in Andalucia, a takeover bid for Hibernia REIT and a strong set of annual results from BMO Private Equity and Triple Point Social Housing REIT.

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